Investor sentiment fell to its lowest point since 2025, a weekly survey from the American Association of Individual Investors showed, as oil prices remained elevated while the Federal Reserve raised interest rates for the first time since 2023. 3%) responding to the latest survey from AAII, released Friday, said they were bearish.

8% of investors are bullish, the lowest reading in a year. 5% for the ninth consecutive week, Charles Rotblut, vice-president of the American Association of Individual Investors, said in a release.

The reading is the lowest since May 2025. Traders sometimes use the sentiment gauge as a contrarian indicator, with a high reading showing complacency and a low one indicating investor fear.

The latest result comes with the S&P 500 Index some 2% from its all-time high following a period of late-summer volatility. The latest survey also showed over half of respondents had larger allocations to cash than normal — a sign of caution.

1% of respondents said their cash allocations were “much higher than normal.”